Hermitage Capital Management CEO Bill Browder is in Davos talking about the dangers of doing business in Russia. In November Hermitage lawyer Sergei Magnitsky died while in Russian custody amid a tax dispute.

Tucked away on page 4 of the Moscow Times today there is a remarkable article which made me wonder whether I wasn’t hallucinating.

The report states matter-of-factly that several branch managers are being investigated for defrauding $1.2 billion from Sberbank, Russia’s largest bank. That’s according to comments made by Sberbank’s regional manager for Moscow. The Moscow Times translated the article from Thursday’s edition of the Russian newspaper Vedomosti, where it appears on page 7.

According to this article, Sberbank suspects managers at three Moscow branches of doling out “thieving” loans, on the basis of “fictitious” documents, to “dubious” companies. The scale of the resulting losses at these three branches? “More than 35 billion roubles” ($1.2 billion).

BROOKLYN, New York — It has been more than two months since the death of Sergei Magnitsky, a Russian lawyer who died in police custody after being refused medical attention. Magnitsky represented British investor Bill Browder, founder of Hermitage Capital Management, in a case involving a huge tax fraud allegedly perpetrated by Russian police officials and uncovered by Mr. Magnitsky. He had spent nearly a year in pre-trial detention, imprisoned without charge by the very people he accused of perpetrating the fraud against his clients and the Russian government.